The economic development ministry warns of a bleak future for Russia’s crude producers in its latest economic outlook for 2016-18. In an updated version of a forecast partly released in August, it sees production falling to 528mn t (10.56mn b/d) in 2018, with rising output from east Siberia and Timan-Pechora unable to offset declines in west Siberia. Output for 2015 is seen at 530.5mn t, up by 0.8pc, rising by 0.5pc next year, but then falling by 0.6pc in 2017 and by 0.4pc in 2018.
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